A company currently pays a dividend of $1.2 per share ( D0=$1.2 ). It is estimated that the company's dividend will grow at a rate of 15% per year for the next 2 years, and then at a constant rate of 6% thereafter. The company's stock has a beta of 1.5, the risk-free rate is 8%, and the market risk premium is 3.5%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent. $